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News Breaks
May 28, 2014
08:32 EDTBEE, BXStrategic Hotels to buy remaining interest in Hotel del Coronado for $210M
Strategic Hotels & Resorts announced last night that the company has signed an agreement to acquire the remaining 63.6% ownership interest in the 757-room Hotel del Coronado for $210M. The company currently owns a 36.4% ownership position in the asset through a joint venture with certain affiliates of Blackstone Real Estate Partners VI (BX). The transaction values the asset at a gross value of approximately $787.0M, net of approximately $18.0M of cash currently held at the property and within the joint venture, and includes the assumption of the existing $475.0M mortgage financing. The net purchase price represents a 14.3 times multiple on forecasted 2014 EBITDA and a 6.2% capitalization rate on forecasted 2014 NOI. Management estimates the to-be-acquired 63.6% interest in the hotel is projected to generate an incremental $19M-$21M of EBITDA for the remainder of 2014. In Q1, RevPAR grew 11% at the property resulting in 21% EBITDA growth. The transaction, which is subject to certain closing conditions, is expected to close in the second quarter of 2014.
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November 18, 2015
16:24 EDTBXBlackstone, Carlyle, KKR potential buyers of Armacell, Reuters says
Britain's Charterhouse has established a Friday deadline for bids on its insulation materials company Armacell, which may be valued at up to $1.06B, reports Reuters, citing sources. The business has attracted interest from private equity firms, with Blackstone (BX), Carlyle (CG), and KKR (KKR) "cited as potential buyers," according to the report. Reference Link
13:55 EDTBXBlackstone President Tony James fears recession in 2017, Bloomberg says
Blackstone Group LP President Tony James said he is concerned that the U.S. could potentially enter a recession by 2017 as economic growth faces headwinds, Bloomberg reports. Reference Link
November 17, 2015
07:48 EDTBXBofa/Merrill to hold a conference
Banking & Financial Services Conference 2015 is being held in New York on November 17-18.
November 16, 2015
11:31 EDTBXBlackstone to sell GCA Services Group to Thomas H. Lee Partners and Goldman Sach
Blackstone (BX) announced that private equity funds it manages have agreed to sell GCA Services Group to a consortium of the Merchant Banking Division of Goldman Sachs (GS) and Thomas H. Lee Partners. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2016.
10:01 EDTBXBlackstone acquires Diamonds Direct
Blackstone and Diamonds Direct announced that funds managed by Blackstone Tactical Opportunities have acquired Diamonds Direct, an independent jewelry company. The transaction closed in early November.
06:48 EDTBXGoldman, Thomas H. Lee agree to buy GCA Services from Blackstone, Reuters says
According to sources, Reuters reports that the private equity unit of Goldman Sachs (GS) and Thomas H. Lee Partners have agreed to buy GCA Services Group, a facility management company, from Blackstone (BX) for about $1B, including debt. Goldman and Thomas H. Lee will have equal participation in the consortium that will buy GCA. Reference Link
November 13, 2015
10:48 EDTBXBlackstone looks for buyer for German wind farm, Reuters says
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06:16 EDTBXBlackstone to purchase Japan Residential in $450M deal, Reuters says
Blackstone said it will buy Japan Residential Investment Company in a deal valued at roughly $450M, including the assumption of debt, Reuters says. Reference Link
November 12, 2015
14:03 EDTBXBlackstone says Strategic Partners to buy $3B of real estate fund interests
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07:55 EDTBXNCR Corp. to host conference call
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07:14 EDTBXNCR to appoint Blackstone's Chinh Chu, Greg Black to board upon closing of deal
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07:13 EDTBXNCR says Blackstone plan 'best way to accelerate transformation'
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07:13 EDTBXNCR Corp. sees Blackstone deal closing by early December
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07:13 EDTBXNCR to use Blackstone investment to fund repurchase of $1B
NCR (NCR) will use the Blackstone (BX) investment to help fund a repurchase through a self-tender of up to $1B of its common stock.
07:12 EDTBXBlackstone to invest $820M in NCR via perpetual convertible preferred shares
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07:11 EDTBXNCR announces strategic partnership with Blackstone
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November 11, 2015
16:40 EDTBXBlackstone close to deal for minority stake in NCR, WSJ says
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16:19 EDTBXBlackstone near deal to take 15% plus minority stake in NCR, Dow Jones says
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16:00 EDTBXOptions Update; November 11, 2015
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12:56 EDTBXOptions with increasing call volume
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